San Leandro Multifamily Investment
For Sale
Contact for pricing
225 Chumalia St, San Leandro, CA 94577
Two contiguous 7-unit buildings near transportation and employment hubs.
Property Size9,252 SF
Price / SF$318.85
Days on Market163
Property Features for 225 Chumalia St
General Information
Standard status
Active
Size
9,252 SF
Property subtype
Multifamily
Zoning
RM-1800
Building Details
Year Built
1959
Buildings
2
Stories
2
Units
14
Listing Agency:
Colliers - Oakland, California
Listed By:
Ryan Rodriguez · License #CA 01304358
(510) 986-6770
Source:
Crexi
Added: Mar 24
Changed: Aug 7
Last Checked: Aug 31 at 11:41PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Colliers - Oakland, California
Investment Insights
Based on property information with market context.
Located in the Old San Leandro neighborhood, 225 & 243 Chumalia Street consist of two contiguous, individually parceled 7-unit buildings, totaling 14 units. The property benefits from commuter connectivity, with access to multiple bus lines, major transportation corridors, and the San Leandro BART station less than half a mile away, providing access to the greater Bay Area. The location is within a dense concentration of high-growth industries, including healthcare, innovation infrastructure, and life sciences. The property offers cash flow and potential rental upside through unit turnover. San Leandro has adopted Ordinance No. 2026-001, capping annual increases at the lesser of 3% or 65% of CPI effective January 1, 2027. The property provides a combination of cash flow with a path to long-term appreciation, reinforced by market fundamentals and tenant demand. The property size is 9252 square feet.
Key Highlights
- Strong in‑place cash flow with over 19% potential rental upside.
- Excellent commuter connectivity: close to bus lines, major transportation, and San Leandro BART (less than 0.5 miles).
- Located in the heart of the Old San Leandro neighborhood.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$134,025
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.54%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,680,500
$2.7M
Cap Rate 7%
$1,914,643
$1.9M
Cap Rate 9%
$1,489,167
$1.5M
Market Conditions
NOI Build-Up for 9,252 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$258.7K $27.96/SF
− Vacancy
−$15.0K −$1.62/SF
EGI
$243.7K $26.34/SF
− OpEx
−$109.7K −$11.85/SF
NOI
$134.0K $14.49/SF
Area
Alameda County, CA
Vacancy
5.80%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,680,500
Cap Rate 7%
$1,914,643
Cap Rate 9%
$1,489,167
Alternative Uses
Best Use
Apartment 5plus
$1.91M
$1.68M – $2.23M
NOI $134,025 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$42.18M
$36.91M – $49.21M
NOI $2,952,558 @ 7.0% cap · market cap 100.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,132
Businesses Nearby
Explore this area
Business Placement
Demographics for 94577, CA
48,868
Population
17,681
Households
2.8
Avg Household Size
41
Median Age
39%
College-Educated
86%
High-School Grad
8.1 sq mi
ZIP Area
6,033
Density / Sq Mi
$110,989
Median Household Income
$56,382
Median Earnings
$2,199
Median Rent
$824,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two contiguous 7-unit buildings near transportation and employment hubs.
Where is this apartment building located?
The property is located at 225 Chumalia St San Leandro, CA.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Strong in‑place cash flow with over 19% potential rental upside.; Excellent commuter connectivity: close to bus lines, major transportation, and San Leandro BART (less than 0.5 miles).; Located in the heart of the Old San Leandro neighborhood.
